Kew Lodge sold for $66.8 mil to Aurum Land in first collective sale since April cooling measures
Kew Lodge makes up 11 townhouses varying from 2,013 sq ft to 2,852 sq ft on a 34,433 sq ft site. Zoned inside a “Residential/ two-storey mixed landed” location within the URA 2019 Master Plan, the plot can possibly be redeveloped into a brand-new project consisting of bungalows, semi-detached homes and/or terrace Residences
The sale of Kew Lodge is hanging approval of the Strata Titles Board.
Michelle Yong, Chief Executive Officer of Aurum Land, states the procurement will widen the company’s extent into the landed real estate field. “On a personal degree, I intend to make my own family home within this unique variety of deluxe houses and even am thrilled to stretch the very same possibility to provide bespoke style services to fulfill the way of living needs of our worrying customers,” she adds. Aurum Land is the developer behind properties including The Hyde on Balmoral Road in District 10 and Nyon on Amber Roadway in District 15.
The transaction of Kew Lodge was brokered by Sakal Real Estate Partners, with the offer marking the real estate investment advisory as well as brokerage business’s very first collective sale purchase. Rajah along with Tann are the selected lawful agent for the owners.
“In land-scarce Singapore we encounter a comparatively limiting new source of fresh landed residential properties rather than non-landed real estates. We see ownership of prime landed homes as a significant store of riches that provides considerable capital upside in time. A landed residence purchase nowadays can certainly be a calculated financial investment for coming future generations,” claims Steven Ming, supervising associate at Sakal Real Estate Partners, who also co-founded the firm in 2018.
The transaction notes the first cumulative sale ever since fresh air conditioning steps entered into conclusion on April 27, consisting of raised Additional Buyer’s Stamp Duty fees.
Kew Lodge, a freehold landed residential area at Kheam Hock Road in District 11, has been offered en bloc to Aurum Land, a branch of Woh Hup, for $66.8 million. The collective sale tender for the residential property sealed on May 23. Aurum Land’s bid represents a 5% costs over the site’s guide price of $63.8 million and figures out to a land cost of roughly $1,940 psf.